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Elliston, Montana: Rising Home Values Amidst Population Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Elliston, a small community in Montana, has experienced fluctuating population and housing trends over the past decade. This rural settlement, nestled in the heart of the state, has seen notable shifts in homeownership rates and property values, reflecting broader economic and social changes in the region.
The homeownership rate in Elliston has shown a general trend of stability with some fluctuations. In 2013, the homeownership rate was 84%, which decreased to 70% by 2016. However, it rebounded to 80% in 2021 before settling at 74% in 2022. Concurrently, average home prices have shown a steady increase. In 2013, the average home price was $146,010, rising to $317,749 by 2022, representing a substantial 117.6% increase over nine years.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2021, interest rates remained relatively low, ranging from 0.08% to 2.16%. This period of low interest rates coincided with the overall stability in homeownership rates, as low borrowing costs generally make homeownership more accessible. The slight dip in homeownership to 70% in 2016 occurred despite low interest rates of 0.4%, suggesting other local factors may have influenced this temporary decrease.
Renter percentages in Elliston have inversely mirrored homeownership rates, ranging from 15% in 2013 to a peak of 28% in 2016, before settling at 25% in 2022. Average rent prices have shown an upward trend, increasing from $441 in 2013 to $795 in 2022, a 80.3% rise. This increase in rent prices occurred despite fluctuations in the local population, which peaked at 269 in 2014 and decreased to 218 by 2022, indicating that factors beyond population growth were driving rent increases.
In 2023, the average home price in Elliston reached $326,162, with federal interest rates at 5.02%. Moving into 2024, the average home price further increased to $343,428, while interest rates rose slightly to 5.33%. These figures represent a continuation of the upward trend in home prices, despite higher interest rates which typically can slow housing market growth.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Elliston will continue to rise, potentially reaching around $400,000 by 2029. Rent prices are also expected to increase, possibly surpassing $900 per month within the same timeframe. These projections assume a continuation of current economic conditions and local market factors.
In summary, Elliston has demonstrated resilience in its housing market, with generally stable homeownership rates and consistently increasing property values. The interplay between federal interest rates, local economic conditions, and demographic shifts has shaped these trends. The community has weathered fluctuations in population while experiencing significant growth in both home values and rent prices, pointing to a dynamic and evolving local real estate landscape.
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